02/07/2012


Daily Outlook

Greetings! 

 

In a statement today to the United States Senate, Federal Reserve chairman Ben Bernanke said "Despite last Friday's stronger than expected U.S. jobs report, the United States economy remains overall weaker than many realize." This single statement caused the United States dollar to falter and these two factors can be cited as influencing factors on the precious metals rally that followed.

 

The strength of this current rally cannot be overlooked. We continue to witness strengthening prices in both gold and silver. These price increases can be characterized by very shallow corrections and impressively vibrant rallies.

 

Moreover, not to be underestimated, the European Union sovereign debt crisis remains in the forefront of traders' minds as it continues to make headlines. Economic data out of Germany today was weaker than expected. Greece is still unable to reach any resolution with their private sector financiers. However, reports today did suggest that a resolution is closer at hand. Please don't hold your breath.

 

As always wishing you good trading,

Executive Producer
The Gold Forecast

gary@thegoldforecast.com 

On Skype Gary.S. Wagner

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Proper Action

 

GOLD: Maintain Long @1580. Our current stop sits just below 1706. My recommendation is to maintain your current position and stop placement.

 

SILVER: Maintain Long @28.10. Our current stop sits just below 32.80. 

 



MARKET FORECAST

Gary S. Wagner

 

Gold & Silver: On a technical basis, the current precious metal rally can still be described as a super bull cycle. With dramatically rising prices followed by shallow corrections, the bull run of 2012 is still firmly in place. Although we came within two dollars (1707) of my initial pivot point for the conclusion of this retracement, I thought that gold might test lower prices before heading higher. I am very happy to report to you that I was wrong. I currently believe that we are in wave five of our sub wave count. This fifth wave, upon conclusion, will complete the first intermediate wave, wave one. Today's video will look at our next set of pivot points in detail for both gold and silver. 

 

Gold 360 Minute Chart

 


  

 SILVER: Daily Chart

 

 

Copyright (c) 2011 Wagner Financial Group 
 
Before deciding to participate in Gold or Silver investments, you should carefully  consider your investment objectives, level of experience and risk appetite. Most importantly with futures activity do not invest money you cannot afford to lose.There is considerable exposure to risk in any futures exchange transaction, including, but not limited to, leverage,and market volatility that may substantially affect the price of  gold and /or silver. Moreover, the leveraged nature of futures trading means that any market movement will have an equally proportional effect on your deposited funds. This may work against you as well as for you.